Just fired. Should I give it a try?

Discussion in 'Professional Trading' started by andread, Oct 16, 2006.

  1. andread


    Today we have been told that the entire office will be closed down at the end of the year. I have been wanting to trade for a long time, but only in the past 1 1/2 year I have been seriously thinking about it. And the things I have read here and somewhere else gave me more motivation.
    I was ready to start part time, and I wanted to do some more paper trading before starting with real money, but I have never really thought about going prop, and I probably won't do it, but I do have the crazy (for me) idea of starting. If I want to do it, maybe I can try now.
    I might want to try for a couple of months, see how it goes, and then decide. I should obviously talk to a company, because I need some leverage. I can't do that at home.
    Maybe, being a software deveioper, I might look for a software development job at a prop firm, where I can trade part time. I guess there are not that many in the Netherlands, where I live.

    If what I'm saying is nonsense, it's just post traumatic stress :)
  2. I think it depends a lot on a number of factors that you haven't mentioned. Mostly, starting capital and experience. If you've dabbled in it and maybe done decent in the past, keep working on it and get to where it feels like a business. You have a plan, trade the plan, show profits in various markets, etc. I know this is not new information ... but the reason why I responded is that software development is still very much in demand. Why not just get a new software development job and keep sharpening your skills? No need to panic at all.
  3. Plan A: You dont get laid off until 31 December 2006. That gives you about three months to try trading. Observe if you can make money by trading. I doubt that your office is dedicated to getting work done now. You might have time to sit at a computer and trade.

    Plan B: You might want to send out a few resumes in case plan A fails.
  4. sps_45


    Good options.

    Other things to also take into consideration. If your living expenses aren't crazy - Not sure how it works in the Netherlands, but when you get laid off in Decemeber here in the US you can collect unemployment. Can probably cover rent and entertainment. This of course is in addition to the below options.

  5. andread


    Thank you for the answers guys.

    spreadn00b, I know development is in demand, and that's the reason why I'm not panicking, but I can't define the situation pleasant. Besides, I have now some important options to look at, including trading (for example, I can start working for myself), and this is making things more complex, even if maybe more interesting.
    What you said makes sense, and that's why I am more keen not to start now. But I'm really tempted to try.
    btw, starting capital and experience ar far from optimal.

    Hook and sps, yes, I could try for a couple of months, but I have only 6000 dollars in my account. I don't even have enough to day trade. And I reallly don't want to risk more. Supposing that with this amount I can be profitable for the next 3 months, maybe 4, would it be enough to think about it seriously?
  6. While there is no "one size fits all" answer to your question, I do understand (and emphathize) with your situation, and I would say in all honesty that if you can get a part-time job so that all of your basic needs are being tended to over the next 3 years while you hash it out, well then yes, by all means GO FOR IT!.

    But if you need the money from daytrading to earn a living in this world under these CONDITIONS the answer is a respectful ABSOLUTELY NOT!!!



    edit: it bears repeating ... all of your basic needs are being tended to over the next 3 years while you hash it out
  7. Personally, I think 6K is way under capitalized. It sounds like you have a good head on your shoulders though and just weighing the possibility. I would definitely work on building up that trading account and skill. I do swing trading on daily bars and find that I have no real issue working full time and trading. Limit orders are a wonderful thing. :D

  8. fusionz


    6k does seem quite low, how much other liquid cash do you have for living expenses?
  9. andread


    the kind of wise answer I'm not sure I'm happy to have :)
  10. andread


    yes, that's exactly my original intention. Buy/sell at the end of the day, and close some (mostly one) days later. I'm getting into limits as well: send the order and forget about it. I'm not really happy, but I'm very bad at exits anyway. I Just try, and see what happens. That's the good of paper trading. Hopefully I'll start with real money, let the account grow, and one day maybe think about it.
    I mean, I live in Europe and I have an account in dollars. That tells you how much I want to make a living out of it.
    #10     Oct 16, 2006